1. Show how International Machines determined the $18,000 quarterly lease payments.

Check my work 3 Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2018. International Machines manufactured the equipment at a cost of $92,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 10 points Related Information: Lease term Quarterly rental payments Economie life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods 18,000 at the beginning of each period 2 years $134,496 8a eBook Required: 1. Show how International Machines determined the $18,000 quarterly lease payments. 2. Prepare appropriate entries for International Machines to record the lease at its beginning, January 1, 2018, and the second lease payment on April 1, 2018 Ask Print Complete this question by entering your answers in the tabs below References Required 1 Required 2 Show how International Machines determined the $18,000 quarterly lease payments. (Round your intermediate and final answers to nearest whole dollar.) factors based on Table or Calculator function: PV of Lease Lease Payment